Worldmark cannot be placed in a trust???

[JohnPaul]

We are in the process of updating our estate plans. Moving our various TS to the trust even though most don't have enough value to be concerned if they are not in the trust.

Called WM and they said WM cannot be placed into a trust. For $299 they will "reference" our trust but the ownership will not be in the trust.

Anyone else have experience with this?

 

[breezez]

We are in the process of updating our estate plans. Moving our various TS to the trust even though most don't have enough value to be concerned if they are not in the trust.

Called WM and they said WM cannot be placed into a trust. For $299 they will "reference" our trust but the ownership will not be in the trust.

Anyone else have experience with this?

I heard no about LLC’s but not Trusts

You might post on WMOWNERS.com if you don’t get many replies here.

 

[ecwinch]

Definitely ask over on WMO, but I suspect that is true. WM is a membership - and not owned property like Club Wyndham.

 

[clifffaith]

As far as I know our Worldmark is in our trust. After the fact we found out that our lawyer wanted them there and I think we had to go back and change our Marriott to reflect that but were careful to get everything else in the trust at time of purchase. Found out the hard way that we were alphabetically under Trust with Marriott instead of our last name when family couldn't find us at Hilton Head.

 

[VegasBella]

Yes I experienced this but as I recall it wasn't my Wyndham ownership that was an issue, it was another one. Anyway, we just decided to leave them out of the trust. I wrote a document about the timeshares to include in our will and trust documents. It outlines what timeshares we own, how to make reservations and pay MF, and it explains how to sell or get rid of them.

 

[rhonda]

FWIW, my parents had a trust when they passed and also owned WM. WM was not in the trust ... but extremely easy to transfer to a family member who wished to take the membership. Super easy ... and the account retained all its original properties. (That is, it is still considered a developer-purchase and is not treated as a resale even though the ownership was transferred.)

 

[JohnPaul]

Went to an update at The Camlin today and mentioned this. Several staff said they thought this was wrong, partly as they have seen reservations in the name of a Trust. I'll check again.

 

[easyrider]

You place the WM membership into the trustee's name and in the trust document you leave instructions on what to do with the WM contract.

Or leave it in your name and leave it some one in your Will.

Bill

 

[Icc5]

All of our timeshares are in our trust. They were done about 20 years ago in California.